FinCEN Beneficial Ownership FAQs Update

The Financial Crimes Enforcement Network (FinCEN) has updated some of its Beneficial Ownership Information Frequently Asked Questions and issued several additional ones. The topics covered are:

A. General Questions
     • Access to BOI (A3 and A6)     

B. Reporting Process
     • Who Can File a BOI Report (B7 and B8)
     • Unauthorized Practice of Law (B9)
     • How to Report Multiple Beneficial Owners and Company Applicants (B10)

C. Reporting Company
     • What Are Considered Similar Offices (C17)
     • Corporate Conversion (C18)
     • Registering in Multiple States (C19)

D. Beneficial Owner
     • Number of Beneficial Owners (D1i)
     • No Beneficial Owners with Ownership Interest (D1ii)
     • Community Property (D18)

F. Reporting Requirements
     • Acceptable Identification Documents (F5i, F5ii, F15)
     • Reporting Company Address (F12)
     • Address Confidentiality Programs (F14)

L. Reporting Company Exemptions
     • Subsidiary Exemption (L3i, L6)
     • PIV Exemption (L10)
     • Operating from a Personal Residence (L11)

M. FinCEN Identifier
     • FinCEN Identifier Use and Updates (M2 and M5i)

N. Third-Party Service Providers
     • Third-Party Service Providers (N4)

To find out more about the reporting process, visit https://www.fincen.gov/boi. 

Frequently Asked Questions: https://www.fincen.gov/boi-faqs